DigiGreen Initiative
DigiGreen Initiative will focus on four immediate steps designed to create sustainable, environmentally and economically sound in-house practices, which will distinguish the Company as an industry leader in maintaining profitability, while lowering or eliminating its carbon footprint.
We are pleased to share our plan to introduce the new DigiGreen Initiative, which is intended to provide additional transparency and useful information on our Company’s efforts to minimize its impact on the global environment. The addition of the newly created role of Chief Renewable Energy Officer to our management team is a positive step forward for Digihost as we continue our growth trajectory and create shareholder value in an environmentally and socially responsible way.Michel Amar, Digihost CEO
Recognizing the need for top-down leadership, the Company has commenced a search for a Chief Renewable Energy Officer (“CREO”). The CREO will report directly to the CEO and the President of the Company and help to advise the Board of Directors on the progress of short-term goals and the development of a sustainable long-term plan. The CREO will also be responsible for creating and supporting dynamic educational outreach programs with research institutions to test, prove-out, and onboard future fuel technology options;
Digihost previously reported in a press release that over 90% of the energy currently consumed by the Company in its Bitcoin mining operations is from sources that create zero carbon emissions and more than 50% of the energy consumed by the Company is generated from renewable sources. As the Company intends to purchase and bring online its own power generation facilities, it will focus on powering these facilities using “bridge” power sources, meaning low-carbon, or renewable sources of energy where available. For example, sourcing renewable natural gas (“RNG”), a natural gas developed from the collection and conditioning of organic waste, lowers carbon not just at the point of use but across the entire system, removing waste that would otherwise sit in fields (cattle and dairy farms) or in landfills. The end result is a fuel that is lower-carbon than natural gas, requires no infrastructure redevelopment in plants already designed for natural gas, and removes a large source of carbon (methane derived from waste) from the environment.
The CREO will be empowered to close deals, with the oversight and consent of the CEO, on RNG sources for the Company’s North Tonawanda facility, as well as aggressively pursue 100% renewable strategies for powering other potential new facilities and upgrading the Company’s current mining farms;
Initial research has already commenced on developing proprietary standards for measuring the Company’s carbon impact. The CREO, along with the President and with the consent of the CEO, will be empowered to use this standard as an environmental audit tool for the various branches of Digihost, to generate accountability reports, and to help advise Directors and Shareholders on the carbon footprint of the Company. We believe this standard will eventually become an industry standard and provide a template for industry colleagues, regulators, and others to better understand the climate impact of blockchain technology moving forward;
In the short term, DigiGreen Initiative will focus internally, creating best practices standards and securing bridge and renewable energy sources to reduce the Company’s already low carbon footprint. Long term goals will incorporate a broader view of improving the geographic areas that the Company operates in and the sector as a whole, and the CREO will be empowered to explore new ways to achieve these goals by:
- Exploring green space initiatives to improve the communities that the Company operates in and create offsets as we lower our overall carbon footprint, helping to ensure and protect green space and resources;
- Partnering with research institutions, to pioneer, develop, and implement new renewable fuel options, such as hydrogen power, to bring these technologies to market sooner; and
- Collaborating with industry colleagues to maximize the positive impact companies can have as a whole, while also helping to establish guidelines, standards, and best practices for new market entrants.
Corporate Leadership
Recognizing the need for top-down leadership, the Company has commenced a search for a Chief Renewable Energy Officer (“CREO”). The CREO will report directly to the CEO and the President of the Company and help to advise the Board of Directors on the progress of short-term goals and the development of a sustainable long-term plan. The CREO will also be responsible for creating and supporting dynamic educational outreach programs with research institutions to test, prove-out, and onboard future fuel technology options;
Engage in “Bridge” and Renewable Energy Sources
Digihost previously reported in a press release that over 90% of the energy currently consumed by the Company in its Bitcoin mining operations is from sources that create zero carbon emissions and more than 50% of the energy consumed by the Company is generated from renewable sources. As the Company intends to purchase and bring online its own power generation facilities, it will focus on powering these facilities using “bridge” power sources, meaning low-carbon, or renewable sources of energy where available. For example, sourcing renewable natural gas (“RNG”), a natural gas developed from the collection and conditioning of organic waste, lowers carbon not just at the point of use but across the entire system, removing waste that would otherwise sit in fields (cattle and dairy farms) or in landfills. The end result is a fuel that is lower-carbon than natural gas, requires no infrastructure redevelopment in plants already designed for natural gas, and removes a large source of carbon (methane derived from waste) from the environment.
The CREO will be empowered to close deals, with the oversight and consent of the CEO, on RNG sources for the Company’s North Tonawanda facility, as well as aggressively pursue 100% renewable strategies for powering other potential new facilities and upgrading the Company’s current mining farms;
Develop In-House Standards of Measuring Climate Impact
Initial research has already commenced on developing proprietary standards for measuring the Company’s carbon impact. The CREO, along with the President and with the consent of the CEO, will be empowered to use this standard as an environmental audit tool for the various branches of Digihost, to generate accountability reports, and to help advise Directors and Shareholders on the carbon footprint of the Company. We believe this standard will eventually become an industry standard and provide a template for industry colleagues, regulators, and others to better understand the climate impact of blockchain technology moving forward;
Explore Alternative Ways to Reduce Overall Carbon Footprint
In the short term, DigiGreen Initiative will focus internally, creating best practices standards and securing bridge and renewable energy sources to reduce the Company’s already low carbon footprint. Long term goals will incorporate a broader view of improving the geographic areas that the Company operates in and the sector as a whole, and the CREO will be empowered to explore new ways to achieve these goals by:
- Exploring green space initiatives to improve the communities that the Company operates in and create offsets as we lower our overall carbon footprint, helping to ensure and protect green space and resources;
- Partnering with research institutions, to pioneer, develop, and implement new renewable fuel options, such as hydrogen power, to bring these technologies to market sooner; and
- Collaborating with industry colleagues to maximize the positive impact companies can have as a whole, while also helping to establish guidelines, standards, and best practices for new market entrants.
